HELOC or Home Equity for renovations

I think our renovations for my home will cost around 150k. Is it better to get a HELOC or a home equity loan?

I have 275k in home equity with a 1M loan amount. Home currently worth 1.3M. What would be the best course?

Currently, im thinking a HELOC is better because I dont have plans and costs set in stone yet so i wouldnt be accruing interest until i start using funds. Also i can pay more when and as i want to lower the interest paid on it. The rates are variable but are currently lower than the fixed equity loans.

Thoughts?

submitted by /u/sokraftmatic
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I think our renovations for my home will cost around 150k. Is it better to get a HELOC or a home equity loan? I have 275k in home equity with a 1M loan amount. Home currently worth 1.3M. What would be the best course? Currently, im thinking a HELOC is better because I dont have plans and costs set in stone yet so i wouldnt be accruing interest until i start using funds. Also i can pay more when and as i want to lower the interest paid on it. The rates are variable but are currently lower than the fixed equity loans. Thoughts? submitted by /u/sokraftmatic [link] [comments]

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